Brent crude oil and silver prices come off again
Brent crude oil and silver prices appear to be under short-term pressure in thin festive season trading.
Brent crude oil price still range trades in low volatility
The Brent crude oil front month futures price continues to trade towards the middle of its November to December sideways trading range while capped by the 55-day simple moving average (SMA) at 73.27. Further minor resistance is provided by the 26 December high at 73.77.
A fall through Tuesday to Thursday’s lows at 72.61 - 72.51 may point to the 20 December low at 71.71 as being back on the map.
Key support remains to be seen within the 70.76 - 69.91 support area, with major resistance in the 74.18 - 76.16 zone. This consists of the early to mid-August lows and the late September, and late October to December highs.
Brent crude oil daily chart
Spot silver price range trades amid thin trading
The spot silver price’s 11% drop from its $32.33 per troy ounce 12 December high to last week’s $28.75 low has been followed by a minor bounce to the 200-day SMA at $29.76, around which it has been oscillating in low volatility for all of this week.
Above Monday’s $29.87 and today’s $29.89 intraday high, minor resistance can be spotted around the $30.12 October low.
Minor support is seen between the mid-Septembe to November lows at $29.71 - $29.65, above Monday’s $29.42 low. Further minor support comes in at last week’s $28.75 trough, a fall through which would likely engage the $27.69 September low.
Spot silver daily chart
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
Speculate on commodities
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.1
- Wide range of popular and niche metals, energies and softs
- Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
- View continuous charting, backdated for up to five years
Live prices on most popular markets
- Forex
- Shares
- Indices
